Turkey Rebar Export Offers Up by USD 18/MT W-o-W, Chinese Offers Down

Rebar export offers from Turkey have strengthen as imported scrap became costlier in last few days.

In global rebar market, Turkey rebar export offers have gained by USD 18/MT W-o-W due to costlier imported scrap. Current export offers are assessed at USD 335/MT, FoB main port Turkey. While, Chinese rebar export offers have fallen slightly by USD 5/MT W-o-W and stood at USD 262/MT.

Offers are likely to remain under pressure in current year as China’s domestic steel demand continue to shrink. However, no major change has been witnessed in UAE rebar market and CIS export offers since last one week.

Chinese steel exports down in Oct’15

China, which accounts for half of the total world steel production, has reported fall of 20% M-o-M in its steel export shipment to 9.02 MnT in Oct’15, according to recently release custom data.

Weak overseas demand and several countries’ government steps like increase in import duty or imposition of anti-dumping/safeguard duty on various steel products have led to fall in exports from China.

Global rebar offers as on 9 Nov’15

USD 1 = INR 66.34
Source: SteelMint Research